We are looking at a solid run from XLM after a disastrous month. But be wary since a reversal may come soon. A look at XLM's most recent pattern - the triple top reversal. Volume has been pumping since the 22nd of this month but as you can see that from the peak of the 25th, volume has been on a steady decline. Be forewarned that if we do not see volume pumping propel prices past the 00.00060814 resistance line, then we are likely to see XLM spiral downwards to 00.0055238. If prices fail to bounce off support of 00.00055238, then the triple top reversal is confirmed. We are likely to see it plummet to as low as .00048988 before it will come back up to retest the 00.00055238 new resistance line. I would stay away from entering until XLM decides which direction it will go.
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My prediction was correct. Now, XLM might bounce back off of the 00.00055238 resistance, but I think it is unlikely since there was a strong triple top resistance and volume is on the decline.
Trade wurde manuell geschlossen
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XLM has taken a beating, it is best to watch from the sidelines.
@ebred Thanks for the feedback. From the way this is moving, it might fall down as far as 00.0004300 territory. Generally, I want to see prices rebound off the MA line or resistance line and keep an eye out for an increase of volume before I decide to recommit. I pulled out before prices plunged through the 00.00055238 resistance line.
ebred
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you nailed it. nice work. im mildly concerned this may punch through .786 fib. what do you think??